President Donald Trump has said he will soon speak to Chinese President Xi Jinping over the renewed trade conflict.

China announced Monday that it rejects accusations made by the Trump administration that it has broken terms in regard to the recent trade deal made between the two nations.

China has rejected President Donald Trump’s accusation that it violated a trade agreement recently announced in Geneva, Switzerland. On Monday, Chinese officials responded to comments Trump made over the weekend that accused Beijing of failing to meet the terms established in a deal reached last month.

Cushioning the markets from further drops seems to be the investor sentiment that Trump's tariff threats are not as dire as they first appear.

U.S. stocks were mixed at midday after opening lower following President Trump's announced plans to double tariffs on imported steel and aluminum.

U.S. stock index futures dipped on Monday following President Donald Trump's plans to double tariffs on imported steel and aluminum, fueling more uncertainty around U.S. trade policies. Trump said on late Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25% starting Wednesday,